Westpac is rolling out a three-month support package that enables credit card users paying interest on their outstanding debt waived.
Under the same package, there will be no accruable interest on new purchases or cash advances, no interest charges to existing debts, and there will also be no requirements to make repayments over the period.
After the three months, minimum payments and interest incurred will resume - customers will still be able to use their credit cards during the holiday as long as they haven't reached their credit limit.
Eligible customers include those that have lost their income or job, or have faced reduced hours as a result of COVID-19.
It's important to note the support measures won't be available to people who have already applied for financial hardship assistance on the same account.
Westpac is the first major bank to introduce a pause on interest payments, while other banks have reduced minimum payments, which still incur interest charges on outstanding balances.
It's not yet known if interest will be capitalised, something many customers taking mortgage holidays are facing.
Westpac currently has a plethora of credit card products on offer, with the lowest interest rate available belonging to the Westpac Lite product at a 9.90% p.a. purchase rate, with a 45-day interest-free period.
Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.
Provider | |||||||||||||
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0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Save Account
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Disclosure | |||||||||||||
Save Account
Disclosure
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4 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
FEATURED | Savings Account
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Disclosure | |||||||||||||
Savings Account
Disclosure
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4 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Savings Accelerator
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Disclosure | |||||||||||||
Savings Accelerator
Disclosure
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0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
FEATURED | Online Savings - Premium Saver
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Disclosure | |||||||||||||
Online Savings - Premium Saver
Disclosure
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0 | 1000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Savings Maximiser
| |||||||||||||
Disclosure | |||||||||||||
Savings Maximiser
Disclosure
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0 | 2000 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
HomeME Savings Account (<$100k) | |||||||||||||
0 | 200 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Growth Saver | |||||||||||||
0 | 1000 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||||
Virgin Money Boost Saver | |||||||||||||
0 | 100 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver Account | |||||||||||||
0 | 100 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver | |||||||||||||
0 | 10 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
mySaver | |||||||||||||
0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Simple Saver | |||||||||||||
4 | 0 | 0 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Netsave Account | |||||||||||||
3 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Online Savings Account | |||||||||||||
3 | 0 | 0 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
HSBC Everyday Savings Account | |||||||||||||
0 | 50 | 1 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Incentive Saver Account | |||||||||||||
4 | 0 | 0 | 0.01 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | ||||||
Bankwest Easy Saver | |||||||||||||
0 | 50 | 2 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Bonus Saver | |||||||||||||
0 | 50 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Incentive Saver Account | |||||||||||||
0 | 200 | 0 | $product[$field["value"]] | $product[$field["value"]] | $product[$field["value"]] | More details | |||||||
Growth Saver Account |
- Increase your balance by $200 each month to earn the maximum interest
- No account keeping fees
- No minimum balance
- Interest paid monthly